Entries in default
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Darren McCollester/Getty Images(WASHINGTON) -- Treasury Secretary Timothy Geithner says that talks on a "comprehensive, balanced" budget deal between President Obama and Speaker of the House John Boehner have resumed after discussion between the two leaders came to a standstill on Friday, and he hopes that a framework on an agreement "should happen today."

"Both leaders recognize they're running out of time," Geithner said in an interview with "This Week" anchor Christiane Amanpour. "They need to get this process moving in the House on Monday night. To achieve that deadline, they need to have a framework that they know with great confidence will pass both houses of Congress, is acceptable to the President, and that should happen today."

Geithner said that there is progress being made, with two potential agreements on the table.

The first deal would include what Geithner called a "comprehensive, balanced set of savings on the spending side to help secure Medicare and Medicaid for the future, and tax reform that would generate revenues."

The other approach would be the plan by Senate Republican leader Mitch McConnell (R-KY) that would call for Congress to make proposed spending cuts in exchange for allowing the president to raise the debt ceiling.

With the imminent opening of Asian markets, Geithner reassured the world economies that the United States would not default on its debt obligations.

"The leaders of Congress have said unequivocally, Republicans not just Democrats, that we will meet our obligations. We are not going to default," Geithner said. "What we're trying to do is to not just achieve that, but make sure that we put in place a framework that allows Congress to make the tough decisions we need to make to get our fiscal house in order."

He added that this would be a critical test for American politics to see if there could be bipartisanship to make a deal.

The City of New York(NEW YORK) -- New York City Mayor Michael Bloomberg believes a U.S. default on its debt obligations would be a "seismic event" that would damage "America's word" and its status as a dependable financial standard.

"I don't think anybody will look ever again at America and the dollar as the reserve currency, where this is the standard by which all other risks are measured," if the U.S. defaults on its debt obligations, Bloomberg told "This Week" anchor Christiane Amanpour. "It's one seismic event that says you can never depend 100 percent on America's word anymore."

Even Bloomberg is willing to see his taxes increase in order to reach a long-term budget agreement.

"I get pretty good value for my taxes... We get a lot for our tax dollars," Bloomberg said. "I don't want to pay any more taxes than is necessary, but I do want the services, and I want us to live within our means. So, if we want more services, we've got to come up with the revenue."

Bloomberg does not think the Bush-era tax cuts for the wealthy should be eliminated right now while the economy is still weak, but does think they should be allowed to expire in the future.

"I think right now is not exactly the right time to let those tax cuts expire," Bloomberg said. "But if you told me six months from now or a year from now, when the economy was better and job creation was better, yes, I don't have a problem with that."

ABC News(WASHINGTON) -- Rep. Paul Ryan agreed with Secretary Tim Geithner that defaulting on our debt would be "catastrophic," but Ryan needs spending reform attached to that vote -- something he says the president will address Wednesday.

“Default is not our option or strategy but we also want to make sure that...as this debt limit increases, which is based on past spending, we get something in place to address future spending and that’s the kind of stuff we’re talking about. Spending cuts, spending control,” he told Good Morning America.﻿

And if those cuts are not attached will he vote to raise the debt limit?

“I don’t accept a notion that that’s not possible. I think it is and the president is probably going to be talking about that today,” Ryan said.

Ryan did not spell out what it would take to avoid default.

The chairman of the House Budget Committee said he’s looking forward to hearing what the President has to say Wednesday -- except for any talk about new taxes.